The Government of Mongolia has started the process to close the State Property Committee. The State Property Committee will instead function as a fund. The head of the Cabinet Secretariat for Government Ch.Saikhanbileg will be in charge of running the fund.

The State Property Committee owns over 100 companies and entities of which most are owned or dominated by the State. There is much public criticism on the deficit created by state owned companies and Government`s policy failure, and that public property becomes a lucrative source of money laundering for high ranking state officials.

Therefore the Government reached the decision to amend the activities of the State Property Committee into a fund with the intention to separate it from political influence. Shares of the state owned companies that belong to the fund will be sold.